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Donald Trump’s social media company, Truth Social, is reportedly in “advanced talks” to acquire Bakkt, a major crypto platform, according to sources cited by the Financial Times. This move marks a significant step in Trump’s growing role in the crypto industry.
Founded by ICE (Intercontinental Exchange) in 2018, Bakkt has undergone multiple transformations in its pursuit of success, initially focusing on Bitcoin futures and crypto options but later pivoting towards crypto custody and consumer rewards. However, despite raising hundreds of millions from investors like Microsoft, Galaxy Digital, and others, the platform has faced challenges achieving profitability.
Trump’s increasing engagement with crypto is highlighted by his support for projects such as NFT collections and the launch of World Liberty Financial, a DeFi protocol. Additionally, he has expressed intentions to protect and expand the blockchain industry, including efforts to remove SEC Chairman Gary Gensler, who is often seen as skeptical of crypto.
With Trump Media and Technology Group (TMGT), which owns Truth Social, reportedly planning to acquire Bakkt, this move underscores the shifting dynamics of crypto investments and regulation, as the former president builds his stake in the sector.
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